On The Run (OTR) - an Australian convenience store with international locations - is reportedly going to accept crypto payments. This is made possible through their partnership with cryptocurrency exchange Crypto.com.
On The Run collaborates with Crypto.com
According to reports from The Australian, OTR will allow customers to pay for fuel, goods and services with cryptocurrencies
at 170 business locations in South Australia. Not long ago, the convenience store expanded its operations to Victoria. However, it remains unknown whether these will also allow payments in crypto.
Once the payment infrastructure is in place in July, OTR will become the largest physical retailer in Australia to accept digital currencies as a means of payment.
In addition, OTR's parent company - Peregrine Corporation - will also accept crypto payments in its Subway, Oporto, and Smokemart stores. Yasser Shahin - Peregrine's Executive Chairman - commented on the developments:
"The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal, and has provided us with a clear opportunity to capitalize on the momentum of this fast-growing space for the benefit of our customers."
Crypto.com's Asia Pacific general manager - Karl Mohan - said the partnership will "take further steps in accelerating the adoption of cryptocurrency in Australia." "Customers will now be able to pay for goods and services through CryptoCom Merchant Pay in all OTR stores," he explained.
Australia puts its focus on crypto
Australia recently showed considerable enthusiasm toward the cryptocurrency industry. In late 2021, Federal Treasurer Josh Frydenberg proposed the implementation of a "cryptocurrencies reform plan" that could make the nation one of the world leaders in the crypto sector.
The legislation is also expected to improve customer protections and strengthen Australia's financial system. According to Frydenberg, crypto exchanges should have the same regulations as banks because they "hold significant sums of people's money and investments."
Prior to that, Australia's finance minister - Jane Hume - claimed that cryptocurrencies are not a "fad." On the contrary, Bitcoin (BTC) and altcoins
, she said, have grown rapidly over the years and have "captured the hearts and minds of Aussies."
Hume also talked about Decentralized Finance (DeFi)
. She predicted that this will provide "incredible opportunities" in the future. "Australia must not be left behind by the unknown," she concluded.